绑定头部大客户，营业收入同比高增长。公司深耕FPC 研发、设计、制造及销售业务，整体技术实力处于国内领先地位。FPC 具备配线密度高、重量轻、厚度薄、易弯折的特点，广泛应用于消费、汽车、通信等领域。目前，公司在上游设备端已形成明显竞争优势，其生产FPC 产品主要集中在中高端领域，以高技术、高品质、高交付能力参与市场竞争，已基本实现国际设备的国产化改造，在软板产品上积累了显著的竞争优势。此外，公司坚持大客户发展战略，已通过国内外知名智能手机制造商供货。伴随智能手机、可穿戴设备、汽车电子等 FPC 下游应用领域景气复苏，公司 FPC 业务有望继续受益于行业发展趋势，获得持续增长。Incidents:
On [2t0a2b4LE year_s1u0mMA3ry1], the company released the third quarter report. In the first three quarters of 2024, the company achieved operating income of 4.449 billion yuan, a year-on-year increase of 81.10%; net profit to mother was 0.055 billion yuan. The year-on-year increase was 122.62%; net profit after deducting non-return to mother was 0.009 billion yuan, an increase of 103.54% year-on-year. In Q3 2024, revenue was 1.411 billion yuan, up 44.26% year on year, up 3.14% month on month; net profit to mother was 0.006 billion yuan, up 109.07% year on year, down 73.65% month on month; net profit without return to mother was 0.003 billion yuan, up 104.63% year on year, up 132.46% month on month.
Comment:
Bound to leading major customers, revenue grew at a high year-on-year rate. The company is deeply involved in FPC R&D, design, manufacturing and sales business, and its overall technical strength is in a leading position in China. FPC has the characteristics of high wiring density, light weight, thin thickness, and easy bending, and is widely used in consumer, automotive, communications and other fields. At present, the company has formed a clear competitive advantage on the upstream equipment side. Its production of FPC products is mainly concentrated in the middle and high-end fields. It has participated in market competition with high technology, high quality, and high delivery capacity. It has basically realized the localization transformation of international equipment, and has accumulated a significant competitive advantage in soft board products. Furthermore, the company adheres to the big customer development strategy and has supplied through well-known smartphone manufacturers at home and abroad. With the recovery in downstream FPC application fields such as smartphones, wearables, and automotive electronics, the company's FPC business is expected to continue to benefit from industry trends and achieve continuous growth.
AI has achieved a breakthrough in computing power, creating a new growth curve. The scale of intelligent computing power is growing rapidly, and the industrial chain is expected to continue to benefit. With strong support from national policies, the Intelligent Computing Center has become the core force driving the development of the digital economy. The company is a core participant in domestic computing power construction and services, and is committed to laying out the dual development path of computing power construction and computing power leasing. In the first half of 2024, the company officially acquired 100% of Allianz's shares and completed the composite layout of domestic computing power chips and NVIDIA computing power chip resources. The company has carried out a deep strategic partnership with Suiyuan Technology to open up a full range of strategic cooperation from computing power board manufacturing and computing power server manufacturing to R&D and business. At present, the company has initially formed a complete commercial closed loop in the AI computing power industry, which is expected to bring new business growth points to the company.
Profit forecast and investment rating: We expect the company to achieve net profit of 0.081/0.23/0.334 billion yuan respectively in 2024-2026, corresponding to the current PE price of 101/37/25 times. The company's FPC business is recovering, and the AI computing power business is expected to achieve a breakthrough, coverage for the first time, and give it an “increase in wealth” rating.
Risk warning: downstream demand falls short of expectations, industry competition intensifies, raw material prices fluctuate
